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BTCUSD: Shocking Similarity From Last CycleHello all, The market has been silent for nearly the past month. BTC & ETH broke out of their ranges over the last week. Many people were caught off guard from the break of 30k that occurred yesterday. This was heavily predicted and expected based on many indications. Simply put, many indications pointed to the market being in a very similar spot as April 2019 (the month before BTC broke 6k and rallied to 14k). One of the main technical indications that led me to believe BTC was going to break 30k was the fact BTC was consolidating under a large resistance for nearly a month. This was not a usual pattern based on BTC's price history. Essentially BTC printed 3 dojis on the 1 week chart (under a massive resistance). Many expected BTC to not be able to break that massive resistance level as it didn't have any large pullbacks since its swing low at 19.5k However, I looked at this in terms of supply & demand. One of the most powerful ways to identify strong supply & demand zones are by looking for a strong price reaction from that level. Example Chart: The zone I have been referring to is from 28.5k - 30.1k. As seen above, this zone has been respected for a long time. Each time price bounced hard off this zone, it continued to trend higher for some time. When BTC came back down to this zone in May of 2022, price did not have any hard bounce off the zone, and fell -50%, proving the demand was lower. Fast forward to today, and we can flip this logic and look at this area as a supply zone. When BTC reached this level last month, we never saw a hard rejection from this zone, proving the supply (liquidity is another way to look at it) was higher. Now after a month of consolidating below, BTC is above the zone. Now we ask, what is next? Well, as seen in the posted chart, BTC is showing very similar price action as to April/May 2019. A major level was respected each cycle (shown in gray). Both times, price broke this level, dropped -50%, bottomed, came back to the gray level, broke the 200MA, consolidating below the gray level for a few weeks and then broke it. Along with a few other technical points, BTC seems to have more fuel in the tank to push price higher. If at anytime BTC falls back under this zone, we cannot consider any bullish thesis. Thanks for reading and I hope you all enjoyed! Please COMMENT & LIKE!
COINBASE:BTCUSD
by traderview2
Bitcoins Monthly Candle Close $BTCCOINBASE:BTCUSD To say BTC monthly candle close is bullish would be an understatement huge green boy right when it needed it to take us back over the 50MA on the monthly We also haven't had any positive momentum on the MACD is over 15 Months! Which is crazy to think about really but that looks like it could be coming to an end Looks like the new bull run could be coming We have some resistance overhead but we can just look back at what happened last time the MACD flipped to green
COINBASE:BTCUSDLong
by MindsetTrad3r